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That's true. I think there is a reasonable chance that the right-wing could split or collapse.
There is an interesting parallel here with Canada, which also has a FPTP system. Canada is more progressive than the US, so it already has two left-wing parties (one more centre-left than the other). But, for about a decade in the 90s, the right wing party split in two and this guaranteed electoral success for the centre-left Liberal Party. The interesting thing is that this was actually bad for the Liberal Party. They became arrogant, internally fractious, and scandal-prone. When the two right-wing parties re-merged, the Liberals suffered their worst defeat in history.
If the Republicans in the US split into two right-wing parties, there might be room for two left-wing parties as well. In fact, it would be good if a left-wing split ensured that the Dems weren't guaranteed electoral success, as this would lead them into making stupid mistakes. However, if the right-wing later re-united, the left would have to be prepared to reunite again as well. The problem is that the US is more right-wing than Canada, so vote-splitting on the left is more of a worry.
All of that said, it would be interesting to see how much support a left-wing working class party would have. I recall that there were midwest working class voters who were prevaricating between Trump and Bernie, not between Trump and Hillary/Biden. They didn't care about left vs. right politics as much as they wanted to vote for someone who would bring good working class jobs back to the Rust Belt. A left-wing party that really focused on bread and butter working class issues and not culture war bullshit might do well, but it's too risky when Trump is the alternative.